To the public, often the images that come to mind when hearing the word “mining” encompass large machinery digging up minerals and resources from the earth. Images of blasting off the side of the mountain to find the gold within it. What most people don’t realize is that this is not the reality of the mining industry. This industry is one that keeps society rolling, without it we would not have much of the energy and electricity that we use today. With new environmental policies being passed, however, plans for global energy transition hope to make a move away from this energy source.
New legislation in place “rel[ies] heavily on the switch from fossil fuel power generation to wind and solar power generations” (Oilprice.com). This is not a simple shift, but one that is difficult and not completely realistic. The energy transition would require the exchange of fossil fuels for copper, aluminum, and various metals- metals necessary to keep the solar and wind-powered farms functioning. The issue with this, of course, is that these metals are not as easily available as the government would need them to be to keep our society up and running. Many of the places in which these metal sources lie are inaccessible to Western society and are at odds Politically with the nations who would need them. In addition, rising inflation is having a great effect on the prices of important commodities, including metals.
As more and more individuals are coming to the realization that this energy switch might be a little too ambitious, we are seeing a rush to the stocks. Stock of mining companies such as BHP and Anglo American were at an all-time high last week, and this skyrocketing of stocks may just be the beginning. As the prices of important metals and resources are predicted to rise by 500 percent by 2050, climate control resolutions such as the Paris Climate Accord seem to be less and less feasible. As a result, Financial Times reports that mining stocks for the industry’s top five players could see $48 to $60 billion in returns this year. It seems that the mining industry and their investors might soon be in for a wild ride.
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